湖北东田微科技股份有限公司投资者关系活动记录表 证券代码： 301183 证券简称：东田微 编号：2026-002 | □ | 特定对象调研 □ 分析师会议 | | --- | --- | | □ 投资者关系活动 | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 □ 路演活动 | | 类别 □ | 现场参观 | | | 其他 | | ☑ | | | 参与单位名称 | 云溪基金、诺德基金、国盛证券、上海珺容投资、国盛证券研究 | | （排名不分先 | 所、泰信基金、蜂巢基金等 | | 后） | | | 时间 | 年 月 日 （周三） 下午 14：00-14：40 2026 1 28 | | 地点 | 电话会议 | | 上市公司接待人 | 公司董事兼总经理谢云、董秘兼财务总监李广华 | | 员姓名 | | | | 一、公司高管对公司情况介绍 | | | 年公司在"成像光学业务稳步升级"与"通信光学业 2025 | | | 务快速放量"的双轮驱动下，实现了经营业绩的增长。未来，公 | | | 司将继续聚焦光学主赛道，深化技术研发，优化产品结构，把握 | | | 市场机遇，致力于以更好的业绩回报广大投资者的信 ...

Group 1 - In 2025, public funds conducted a total of 76,300 research visits to A-share listed companies, covering over 2,430 companies, indicating a proactive approach by institutional investors to uncover value and make forward-looking investments [1] - A total of 165 public institutions participated in the research of listed companies across all 31 Shenwan primary industries, with a significant concentration on leading stocks [2] - The top individual stock receiving attention was Huichuan Technology, with 497 research visits, followed by Luxshare Precision with 422 visits, highlighting the ongoing appeal of high-end manufacturing [2] Group 2 - The electronics industry was the most favored by public institutions, receiving over 14,000 research visits and covering 286 stocks, driven by trends in AI hardware upgrades and consumer electronics innovation [3] - The pharmaceutical and mechanical equipment industries followed, with over 9,900 and 9,400 research visits respectively, indicating a strong interest in these sectors [3] - A total of 88 public institutions conducted at least 400 research visits, with 14 leading institutions exceeding 1,000 visits, showcasing broad participation in market research [4] Group 3 - The active research engagement of institutions reflects their investment research strength, with Bosera Fund leading with approximately 1,800 visits, focusing on electronics, mechanical equipment, and pharmaceuticals [4] - The commercial aerospace sector is expected to enter a large-scale networking and application phase starting in 2026, driven by improved policy frameworks and technological maturity [4]

Core Viewpoint - The consumer electronics industry is entering an innovation cycle driven by AI, with significant product launches expected in 2026, including AI smartphones, AI glasses, and foldable phones, which will enhance market dynamics and potentially increase valuations across the industry [1][2][3]. Group 1: Industry Trends - The consumer electronics sector is experiencing a revival, with a notable increase in product innovation, particularly in AI-enabled devices such as smartphones and smart glasses [2][3]. - Major companies like Apple and Google are set to release multiple new products by 2026, including foldable smartphones and AI glasses, which are anticipated to drive market growth [4][5]. - The global smartphone market is recovering, with a reported 3.2 million units shipped in Q3 2025, marking a 2.6% year-on-year increase, primarily driven by high-end models and AI smartphones [8][9]. Group 2: Financial Performance - The consumer electronics industry index saw a 42.87% increase from January 1 to December 18, 2025, while the PE-TTM ratio stands at 37.76, indicating a relatively low valuation compared to other electronic sectors [6][7]. - In Q3 2025, the industry reported a year-on-year revenue growth of 27.12% and a net profit growth of 34.95%, with a quarter-on-quarter revenue increase of 22.52% and net profit increase of 45.86% [8][9]. Group 3: Pricing Dynamics - The industry is expected to see price increases for consumer electronics due to rising storage chip costs, which will likely lead to structural price adjustments and cost-sharing strategies among manufacturers [9][10]. - Companies like Dell and HP have indicated potential price hikes for their products due to storage chip shortages, reflecting broader trends in the industry [9].

Group 1 - The PCB industry is expected to recover with a projected global output value of $73.565 billion, driven by advancements in AI computing infrastructure, consumer electronics innovation, and automotive intelligence [3] - The industry is anticipated to increasingly resemble the semiconductor sector, with a continuous increase in value [3] - There is a disconnect between market sentiment and the underlying data, highlighting the importance of recognizing market trends and potential risks [4] Group 2 - The current market phase is characterized by volatility, with only 20% of stocks expected to continue rising, while many investors may lose their positions during fluctuations [8] - Historical patterns indicate that the current market is in a second phase of differentiation, following a previous phase of valuation recovery [6] - Quantitative data reveals that significant market movements are often accompanied by institutional "inventory" and "recovery momentum," indicating potential market manipulation [13] Group 3 - Traditional methods of stock selection in the PCB sector may lead to misjudgments, emphasizing the need for a quantitative approach to understand fund behavior [11] - The disparity in institutional participation among different PCB stocks illustrates the essence of market differentiation [19] - Investors are encouraged to adopt a new cognitive framework, focusing on understanding fund language and accepting imperfect conditions in stock performance [20] Group 4 - The industry is projected to grow by 5.8%, prompting the need to identify companies that can outperform the average and those that may be eliminated from the market [21]

Core Insights - 3D printing is accelerating penetration in the consumer electronics sector, with applications in foldable device hinges and watch/mobile phone frames expected to emerge as a new growth area [1] - The AI potential at the edge is significant, with headphones and glasses likely to become important carriers for AI agents, and the Apple AI Phone may lead a new replacement cycle [1] - The DRAM industry has entered a phase of "price compensation for volume," with contract prices expected to increase by 45%-55% quarter-on-quarter in Q4, indicating a rebound in storage prices [1] - The AI wave is driving demand for computing power, enhancing the value across servers, AI chips, optical chips, storage, and PCBs [1] - Japan's semiconductor equipment sales have increased for 22 consecutive months, and advancements in domestic equipment processes are progressing, with "advanced process expansion" becoming a key focus for the next three years [1] - CoWoS and HBM are positioned to capitalize on AI trends, highlighting the importance of advanced packaging [1] Industry Overview - The Consumer Electronics ETF (561310) tracks the Consumer Electronics Index (931494), which selects listed companies involved in smartphones, home appliances, and wearable devices to reflect the overall performance of the consumer electronics sector [1] - The index constituents are primarily companies with advantages in technological innovation and market share, effectively representing the industry's development dynamics and investment potential [1]

Core Insights - The enthusiasm of private equity institutions for researching A-share listed companies has significantly increased in October, with a notable rise in the number of participating institutions, covered stocks, and overall research frequency compared to September [1] Group 1: Research Participation - In October, 1,072 private equity institutions participated in research, covering 549 listed companies across 29 Shenwan primary industries, with a total of 5,242 research instances, representing an 87.95% month-on-month increase from September's 2,789 instances [1] - Among the participating institutions, 49 billion-level private equity institutions also saw a significant increase in research activity, with their research instances rising by over 70% [1] Group 2: Market Drivers - The increase in research activity is driven by two main factors: the market's phase adjustment at the end of September, which provided a favorable allocation window due to valuation declines, and the concentrated disclosure period of Q3 reports, making company performance a focal point for private equity institutions [1] Group 3: Industry Focus - The electronic, pharmaceutical, and electric equipment sectors emerged as the top three areas of interest for private equity institutions, each receiving over 700 research instances [1] - The electronic industry has maintained its position as the most researched sector for several months, driven by the acceleration of domestic substitution in the semiconductor industry and the initiation of the consumer electronics innovation cycle [2] - The pharmaceutical industry is favored for its diverse individual stocks and broad subfields, allowing for a diversified investment approach by private equity institutions [2] - The electric equipment sector benefits from the continuous growth in new energy installations, with stable performance from upstream and downstream enterprises, attracting intensive research to verify production capacity and order status [2] Group 4: Active Institutions - Among the participating private equity institutions, 137 conducted at least 10 research instances in October, with Shenzhen Shangcheng Yipin Asset Management Co., Ltd. and Guangdong Zhengyuan Private Fund Management Co., Ltd. being the most active, each exceeding 100 research instances in a single month [2]

Core Points - The CEIC 2025 Consumer Electronics Innovation Conference will be held from November 6 to 8, 2025, in Shenzhen, focusing on "New Electronics, New Experiences, New Consumption" [1][39] - The event aims to become a global benchmark for innovation in the consumer electronics sector, similar to CES in Las Vegas [3][40] - The conference will showcase over 2,000 innovative consumer electronics products and technologies across various fields [4][31] Group 1: Event Overview - The CEIC 2025 will feature a total exhibition area of approximately 15,000 square meters and will host over 50 specialized forums [31][39] - The event is organized by the "He Tao 6+1" international industry and standards organization, with support from the Ministry of Industry and Information Technology [1][39] - The conference will gather nearly 300 technology companies from around 20 countries and regions [31][39] Group 2: Key Trends and Innovations - Six major trends will be highlighted at the conference: AI-driven "pan-intelligent" terminals, unified connectivity, spatial computing, distributed multi-end collaboration, green low-power computing, and intelligent connection networks [5][10] - Attendees will experience a wide range of smart products, including AI intelligent AR/VR glasses, next-generation smart cockpits, and smart home systems [5][10] Group 3: Strategic Importance of Shenzhen - Shenzhen is chosen for its complete industrial chain, from chip design to terminal manufacturing, and its strong innovation ecosystem [4][46] - The city serves as a hub for collaboration with research teams from Hong Kong and Macau, as well as Southeast Asian companies [4][46] - Shenzhen's industrial strength is evident, with the smart terminal industry cluster's added value exceeding 200 billion yuan in 2024 [33][39] Group 4: Long-term Vision and Goals - The CEIC aims to evolve from a one-time event into a year-round "innovation accelerator" [47][48] - Future plans include establishing an innovation community, publishing an annual "CEIC Innovation Index," and creating a supportive ecosystem for enterprises and investors [47][48] - The conference seeks to bridge the gap between technology and consumer experience, promoting the practical application of innovative technologies [42][43]

Group 1 - The 8th China International Import Expo (CIIE) will be held from November 5 to 10, featuring an exhibition area exceeding 367,000 square meters and over 600 new participating companies, including 290 Fortune 500 and industry-leading firms, marking record highs in both exhibition area and total number of companies [1] - The International Financial Leaders Investment Summit will take place from November 3 to 5, 2025, in Hong Kong, with around 300 international financial leaders, including over 100 group chairpersons or CEOs, discussing key trends and developments in macroeconomics, trade, and digital sectors [2] - The 2025 World Internet Conference will be held in Wuzhen, Zhejiang, from November 6 to 9, focusing on building an open, cooperative, and secure digital future [3] - The CEIC 2025 Consumer Electronics Innovation Conference will occur in Shenzhen from November 6 to 8, showcasing over 2,000 innovative technology products across five key areas, including smart terminals and digital health [4] Group 2 - Next week, the total market value of restricted shares to be unlocked exceeds 20.3 billion yuan, with Huaxia Eye Hospital having the largest unlock value of approximately 9.99 billion yuan, accounting for 60.85% of its total share capital [5] - A detailed list of companies with restricted shares unlocking next week includes Yunding Technology, Hongbo Pharmaceutical, and others, with significant unlock values exceeding 700 million yuan [6][7] - Three new stocks will be issued next week, including Beikang Detection on November 3 and Hengkun New Materials and Nanguang Digital on November 7 [8][9]

Major Events - The article discusses various significant events occurring in November 2025, including adjustments to tax policies in North America and changes in duty-free shopping policies in Hainan [2] - It highlights the implementation of a new tax refund policy for overseas travelers in Inner Mongolia [2] - The article mentions the nationwide rollout of the "One Thing" service, aimed at streamlining processes for consumers [2] Important Data - The article does not provide specific numerical data or percentage changes related to economic indicators or company performance [2][4] Key Companies - The article references several companies and events, including a summit for Chinese and Latin American entrepreneurs and a product launch by Tesla [4] - It also notes the annual meeting of Zhaijilisi H-shares and the listing of a company on the Hong Kong Stock Exchange [4] - The article mentions various conferences and summits, such as the 2025 Global Computing Conference and the 2025 World Internet Conference [4]

Core Insights - The company reported steady growth in Q3 2025, with a revenue increase of 27.8% year-on-year to 21.02 billion yuan and a net profit growth of 31.3% to 1.93 billion yuan [1] - The company launched several innovative products across its three core categories, driven by user demand insights and technological iterations [1] Financial Performance - For the first three quarters, the company's revenue reached 21.02 billion yuan, with a net profit of 1.93 billion yuan, and a non-GAAP net profit of 1.48 billion yuan, reflecting a 13.8% increase year-on-year [1] - In Q3 alone, revenue grew by 19.9% to 8.15 billion yuan, while net profit increased by 27.8% to 770 million yuan, although the non-GAAP net profit saw a slight decline of 3% [1][2] - The gross margin improved by 0.4 percentage points to 44.7%, while the net profit margin increased by 0.2 percentage points to 9.2% [2] Market Expansion - The company achieved significant global market expansion, with domestic revenue of 700 million yuan (up 21.6%) and overseas revenue of 20.32 billion yuan (up 28%) [2] - Online sales generated 14.4 billion yuan (up 25.2%), while offline sales reached 6.62 billion yuan (up 33.8%) [2] Product Innovation - The company introduced new products in its charging storage category, including the Anker Prime series and the Anker SOLIX C1000 Gen2 power bank [1] - In the smart innovation category, the eufy security system NVR S4 Max was launched, featuring a local AI agent [1] Operational Efficiency - The company increased its inventory to 6.15 billion yuan, a 90.4% rise from the beginning of the period, primarily to mitigate tariff risks and prepare for the Q4 peak season [2] - Operating cash flow was negative at -860 million yuan, a 152.4% decline year-on-year, due to increased cash payments for inventory and employee compensation [2] Future Outlook - The company is expected to maintain a "buy" rating, with projected net profits of 2.74 billion yuan, 3.44 billion yuan, and 4.25 billion yuan for 2025-2027, corresponding to PE ratios of 23, 18, and 15 times [3]